I recently had two deals go to foreclosure, one from Country Wide and the other with Litton. It seems these lenders are not willing to work short sale offers. THe offers were not crazy low - the packet was very well put together, CW wasn’t bad to deal with but they would not extend the sale and the deal had several liens against the property. They had the file over a month but said they needed it 60 days prior to the sale. Litton just gave me the run around for three weeks, the owners are angry endless to say and wonder why things didn’t work out. Fortunately I have all my clients sign a disclaimer stating that I do not have all the power, so to speak to make these short sales work and that I can only put all reasonable effort into them to make them work. I do worry about law suits. A lot of these homeowners think that because they have a buyer in place that they have been saved and it’s just not always the case. Am I missing something here? I have a lot of CW deals and don’t want all of them to flop or do I just forget about CW. Litton well, anyone out there have experience with Litton. They just didn’t seem interested in dealing with a short sale.
I closed a deal with Litton in March. They were actually very easy to work with and took the first offer that I submitted to them.
Mortgage was about $320k or $340k (not sure exactly), and they took my offer for $230k with all closings costs included, netting them only $210k.
G’luck